Turkish Lira (TRY) Exchange Rates Today
Live rates, 30-day trends, and real talk about what banks charge you for Turkish Lira.
Mid-market rate - no bank markup 200+ currencies Free
What is the Turkish Lira?
TRY has experienced significant depreciation in recent years. Turkey's high inflation and unconventional monetary policy decisions create notable volatility.
Symbol: ₺ ISO code: TRY Central bank: Central Bank of Turkey (TCMB)
BIS ranking: 18th most traded (the 18th most bought and sold currency worldwide) Used in: Turkey
This page is a hub for all TRY exchange rates on our site. Use the converter above to check the current mid-market rate for Turkish Lira against any supported currency, or scroll down to browse individual pair pages with 30-day charts, historical data, and conversion tables.
How the Turkish Lira exchange rate works
Free float with high depreciation
The Turkish Lira is a free-floating currency, but it has experienced persistent depreciation driven by high inflation and monetary policy decisions by the Central Bank of Turkey. Between 2018 and 2024, TRY lost over 80% of its value against USD.
What this means for you: If you are converting to TRY, your purchasing power in Turkey may be significantly higher than you expect. If you hold TRY, the rate has historically moved against you over time - but past performance does not guarantee future results.
How Turkish Lira is commonly exchanged
The Turkish Lira has experienced significant depreciation in recent years due to high inflation and unconventional monetary policy. USD/TRY is the dominant pair. Turkey's strategic location bridging Europe and Asia generates trade-related conversion demand, and its large tourism industry creates seasonal TRY demand.
Most TRY conversions pass through one of the major pairs listed below. For less common combinations, rates are computed as cross-rates through USD or EUR, which may carry a slightly wider spread.
Practical notes for Turkish Lira
Travel and card conversions
If you are spending in Turkish Lira, a card with no foreign transaction fee is typically the best option. Always choose to be charged in TRY (the local currency) at point of sale - selecting your home currency triggers Dynamic Currency Conversion, which adds an unnecessary 3-6% markup to your transaction.
Weekend and holiday pricing
Currency markets close Friday at 5pm Eastern and reopen Sunday at 5pm Eastern. During this window, the rate you see is Friday's closing price. Some providers widen their spreads on weekends. If your conversion is not urgent, waiting until Monday often means a tighter spread and a rate that reflects current market conditions.
Bank spreads
As a less liquid currency, TRY spreads at banks and exchanges tend to be wider than for major currencies - sometimes 4-6% at banks and up to 15% at airport counters. Online transfer services usually offer much tighter spreads for TRY.
Local tip
In Turkey, licensed exchange offices (döviz) in city centres offer much better rates than airports or hotels. Compare a few before exchanging.
The Central Bank of the Republic of Turkey (TCMB) and the Turkish Lira
The Central Bank of Turkey (TCMB) targets 5% inflation but has struggled with much higher rates. Policy credibility has been a recurring challenge.
Policy tool: The one-week repo rate. Turkey's monetary policy has at times been unconventional, with rate cuts during high inflation periods.
Key data releases: Turkish CPI, current account balance, and TCMB rate decisions. Political statements about monetary policy can also move TRY.
Moments that shaped the Turkish Lira
Redenomination (2005)
Turkey dropped six zeros from the lira on 1 January 2005, replacing the old Turkish Lira (TRL) with the New Turkish Lira (TRY). At the time, $1 bought about 1.35 million old lira. The redenomination was part of Turkey's economic reform program.
2018 currency crisis
TRY lost nearly 30% against USD in August 2018 alone, triggered by a diplomatic dispute with the US, concerns about central bank independence, and Turkey's large current account deficit. The crisis pushed inflation above 25%.
Did you know?
- Turkey dropped six zeros from its currency in 2005. Before the redenomination, a cup of coffee cost about 3 million old Turkish lira.
- The Turkish lira's symbol ₺ was adopted in 2012 after a nationwide design competition.
Frequently asked questions
Is the Turkish Lira strong or weak right now?
The Turkish Lira's strength relative to major currencies depends on the specific pair and timeframe you're examining. Use the converter above to check current rates for TRY against USD, EUR, GBP, or other currencies, then compare those rates to the historical charts on the pair pages below to understand whether the Lira is trading near recent highs or lows.
The Central Bank of Turkey's policy decisions and inflation data influence these movements significantly, so rates shift as economic conditions change.
What factors affect the Turkish Lira exchange rate?
The Turkish Lira responds to monetary policy decisions by the Central Bank of Turkey, inflation trends, Turkey's current account balance, and foreign direct investment flows. Political developments, geopolitical tensions in the region, and shifts in global risk appetite also move TRY significantly, as emerging market currencies tend to weaken when investors reduce exposure to riskier assets.
Interest rate differentials between Turkey and trading partners like the United States and European Union influence carry trade dynamics and foreign exchange demand.
What is the outlook for the Turkish Lira?
The Turkish Lira's direction hinges on factors including inflation control by the Central Bank of Turkey, the sustainability of Turkey's current account position, and global economic conditions. Historically, the currency has experienced periods of weakness during regional uncertainty and strength during phases of monetary tightening, but past performance does not guarantee future results.
Watch the pair pages below for recent rate movements and economic data releases to track the Lira's evolution.
Is the Turkish Lira widely used internationally?
The Turkish Lira is not a reserve currency and sees limited use in international transactions outside Turkey and its immediate trading partners. Most cross-border trade and investment involving Turkey is denominated in major currencies like the US Dollar or Euro, then converted to TRY at the point of settlement.
This limited international role means the Lira is primarily traded against major currencies rather than serving as a medium of exchange globally.
How do I compare TRY rates across providers?
The converter above shows real-time or near-real-time rates for TRY pairs, allowing you to check quotes instantly. To compare rates over time, use the historical charts available on individual pair pages to spot patterns and understand where the Lira has traded historically.
Banks, money transfer services, and currency brokers may quote different rates depending on their spreads and mark-ups, so checking multiple sources before making a large transaction is common practice.
How has the Turkish Lira performed historically?
The Turkish Lira has experienced long-term depreciation against major currencies over several decades, punctuated by periods of relative stability and sharper downturns during economic crises or currency attacks. The 1990s saw significant volatility, while more recent years have brought renewed pressure as inflation and capital outflows influenced the currency's value.
The historical charts on the pair pages below show these trends clearly, enabling you to see how TRY has traded across different time horizons.
How volatile is the Turkish Lira?
The Turkish Lira is classified as a volatile emerging market currency, meaning its exchange rates can move sharply and rapidly in response to economic news, policy changes, or shifts in global sentiment. Daily swings of 1-2% are not uncommon, and longer-term volatility can be even more pronounced during periods of economic stress or uncertainty.
Check the rate statistics and charts on this page to see recent volatility patterns and understand the range of movement you might encounter.
What is the best way to exchange Turkish Lira?
The best exchange method depends on whether you're exchanging for travel, business, or investment purposes. Banks typically offer secure but less competitive rates, while money transfer services and currency brokers may provide tighter spreads for larger amounts.
Always compare rates using the converter above before committing, and be aware that fees and mark-ups vary significantly by provider and transaction size.
Why is the Turkish Lira so volatile?
The Turkish Lira's volatility stems from its classification as an emerging market currency, which attracts speculative flows and suffers during periods when investors reduce risk exposure. Turkey's inflation dynamics, the Central Bank of Turkey's policy credibility, and geopolitical positioning in a sensitive region all create uncertainty that currency markets price into wider bid-ask spreads and larger daily moves.
Additionally, Turkey's reliance on foreign capital inflows to finance its current account deficit makes the Lira sensitive to shifts in global interest rates and capital flows.
Is USD strong in Turkey?
The US Dollar maintains consistent strength in Turkish markets because it serves as the primary foreign currency for trade, investment, and savings among Turkish businesses and individuals. Dollar deposits and dollar-denominated debt remain significant in Turkey's financial system, reflecting the currency's role as a store of value during periods of Lira weakness.
The converter above shows how USD trades against TRY, and the pair pages illustrate the historical relationship between these two currencies.
How much will a meal cost in Turkey?
Meal costs in Turkey vary widely by location and restaurant type, but the Turkish Lira's weak valuation relative to major currencies affects how much foreign visitors pay in USD, EUR, or GBP terms. Rather than quoting specific prices that change frequently, use the converter above to estimate costs by multiplying local Lira prices by the current TRY exchange rate to your home currency.
Restaurant prices in Istanbul differ significantly from rural areas, and international chains cost more than local establishments.
Why did Turkey's economy collapse?
Turkey has not experienced a complete economic collapse, but the country has faced significant economic challenges including high inflation, currency depreciation, and current account pressures in recent years. These issues stem from a combination of monetary policy decisions, geopolitical tensions, and shifts in global capital flows, which have all affected the Turkish Lira and broader economic conditions.
The Central Bank of Turkey's policy responses and structural reforms continue to shape the country's economic trajectory.
Is Turkey struggling financially?
Turkey faces economic headwinds including elevated inflation, capital account pressures, and the need to maintain foreign exchange reserves to support the Lira, reflecting structural challenges in the economy. However, Turkey retains diversified economic activity across manufacturing, services, tourism, and agriculture, and the country remains an important emerging market.
The Central Bank of Turkey's policy decisions and the government's economic reforms will influence whether these challenges ease or persist.
Learn more
- TCMB - Exchange Rates - Official Central Bank of Turkey daily rates
- IMF - Turkey Country Page - Economic outlook and policy assessments
Turkish Lira volatility profile
The Turkish lira is one of the most volatile major currencies, having lost over 80% of its value against the US dollar since 2018. Persistent high inflation, unconventional monetary policy, and political interference in central bank decisions drive extreme moves.
Live volatility score updates when market data is available.
Cost to convert Turkish Lira
Banks typically mark up TRY conversions by 3-5%. Specialist transfer providers offer rates much closer to the mid-market rate shown above, potentially saving you $30-55 on every 1,000 TRY you convert.
| Provider | Typical fee | You receive |
|---|---|---|
| Wise | Mid-market rate + ~0.5% fee | — |
| Revolut | Mid-market rate, free up to monthly limit | — |
| OFX | No fixed fees, ~0.4% spread | — |
| Typical bank | 3-5% markup + fixed fee | — |
Based on sending 1,000 TRY to US Dollar. Costs include spread markup and fees. See full TRY to USD comparison →
Compare Turkish Lira with similar currencies
Turkish Lira belongs to the following currency characteristic groups. Currencies within each group often move in correlated patterns.
High-carry emerging currencies
Higher interest rates attract capital inflows but come with greater volatility. These currencies can offer attractive yields but carry significant depreciation risk.
Central and Eastern European currencies
Influenced by eurozone economic data, EU political dynamics, and regional monetary policy. Most are candidates for eventual euro adoption.
TRY rate statistics
Turkish Lira rate context
We compare the current Turkish Lira exchange rate against its recent trading range to help you decide whether now is a good time to convert. The live analysis updates throughout market hours.
Rate analysis updates when live data is available.
Forex Market Hours
The forex market is open 24 hours a day, five days a week. Trading passes between these major financial centers as the world turns.
| Market | Timezone | Local Time | Status |
|---|---|---|---|
| 🇦🇺 Sydney | AEST | — | — |
| 🇯🇵 Tokyo | JST | — | — |
| 🇬🇧 London | GMT/BST | — | — |
| 🇺🇸 New York | ET | — | — |
All TRY Currency Pairs
Live exchange rate pages for Turkish Lira against every supported currency.